In Boston, $300G will get you a parking spot

Friday, August 10, 2012 -- Anonymous (not verified)

Scarcity drives up downtown prices

Sections:

Real Estate

Friday, August 10, 2012

Author(s):

Jennifer Athas

Finding parking in downtown Boston can be difficult and expensive. Rental options range from about $200 to $400 per month, but would you pay up to $300,000 just to have your own guaranteed parking space in the city?

Near the Boston Common, at 170 Tremont St. in the Parkside condominium building, Steven Fung of William Raveis Real Estate is offering an in-door parking space with a 24-hour valet attendant for $32,000. Buyers of this heated space can enjoy no more parking tickets. There is a monthly maintenance fee associated with this parking space of $297 per month.

Just around the corner from the Parkside is a single spot garage space at the Ritz-Carlton available for $106,000. The second-level parking space can be accessed 24 hours a day with an entry card, and the listing price was increased to $106,000 from its original price of $96,000 in May. There are no monthly fees associated with this space. The last indoor spot in the Ritz-Carlton garage sold for $89,000 in November.

Located in the heart of the Financial District at 80 Broad St. in the Folio Boston condominium building is a valet parking spot available for $69,000. Owners of this spot will enjoy 24-hour car access and no digging their car out from a winter snowstorm. There is a monthly garage maintenance fee of $172.

At 286 Marlborough St. in the Back Bay, at the corner of Fairfield Street, is a large outdoor single parking space available for $180,000. This outdoor spot has been on the market almost a year and has no monthly maintenance fee associated with the space.

Beacon Hill is home to some of the most expensive parking spaces in the city. The Brimmer Street garage, located at the flat of the hill, is a 110-space parking garage that was converted into a “parking condominium” in the late ’70s, making individual parking spaces that can be bought and sold.

Beth Dailey of Boston Realty Sales and Services said several indoor parking spots sold this year at the Brimmer Street garage, including three spaces for $300,000, two spaces for $285,000 and one for $250,000.

While the record $300,000 price tag is more than some people pay for a home, Dailey said these parking spaces are difficult to come by and none are currently available.

A parking space averages about 200 square feet, so at the $300,000 sale price that comes to about $1,500 per square foot — equal to the cost per square foot of several luxury Boston condos.

“There are only so many parking spaces in the city,” said Dailey, “and Boston parking spaces, especially garage parking spaces, are scarce.”

Jennifer Athas, a licensed real estate broker, can be reached by email at heraldhotproperty@gmail[1] .com. Follow her on Twitter @JenAthas.